Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Must Read

August 21 2019 Former NAB branch manager pleads guilty to fraud
A former NAB branch manager has pleaded guilty to one count of “intention to defraud by false or ...
August 12 2019 AFG to merge with Connective
Aggregators AFG and Connective have announced that they are going to merge to create a company compr...
August 6 2019 RBA announces cash rate
The Reserve Bank has unveiled its cash rate for the month of August following its monetary policy bo...
July 19 2019 NAB announces new CEO
National Australia Bank has appointed the CEO of Royal Bank of Scotland as its new group chief execu...
Rankings and reports

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

NAB readies for new broker offering

James Mitchell 2 minute read

NAB – the largest commercial and business bank in Australia – will harness its existing small business sector experience by unfolding a formal business lending proposition through its third-party business, NAB Broker.

Steve Kane, general manager of NAB Broker, told The Adviser that the bank is in the very early stages of a pilot program to test out systems, processes and product.

“Our belief is that you need product, you need price and relationship, but above all else you need a consistent service because brokers rely on that service to take to their customers,” Mr Kane said.

Part of NAB’s business lending play through the broker channel involves a restructuring of its third-party support services and BDM network.

Mr Kane said the restructure could also include the credit approval process. Where previously a client’s home loan and business loan would be sent to separate areas with the bank for approval, the new process will be streamlined so that the broker and their client receive one experience.

Advertisement
Advertisement

NAB will have specialist relationship managers for small business lending as part of its broker support network.

“When we go to market in full in six to 12 months’ time it will be around making sure we inform, we train and we educate,” Mr Kane said.

He believes that between 20 and 25 per cent of broker customers are self-employed applicants with a need for business finance.

“We actually see it as a very good opportunity for brokers to expand their business,” Mr Kane said.

“Small business is the major part of the Australian marketplace.

“The majority of people who are employed in Australia are in some form of small business.

"So the needs of small business in Australia as a cohort are significant,” he added.

Mr Kane said Australian business will continue to require resources in various forms such as funding for growth, equipment finance for retooling, the purchase of assets or standard business cash flow lending.

“Those needs will [have] to be fulfilled, and I think that the broker channel is well placed to transition into that area,” he said.

NAB readies for new broker offering
default
TheAdviser logo
default
James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

FROM THE WEB

Latest Opinion

Why keep score?
Why measuring your effort matters. ...
Closing the trust gap
“Trust” is the term du jour because of its increasing prominence and quintessential value, not only in broking, but commerce in general. ...
Why the finance industry should embrace flexibility
When I started my working life, seeking workplace flexibility was an off-ramp to your career. While we have come so far, the finance industry must con...
latest issue
The Adviser magazine latest issue
COVER STORY
Australian Broking Awards 2019

Brokers from across the nation gathered at The Star in Sydney to celebrate the success of the industry’s best performers at The Adviser’s 2019 Australian Broking Awards. We round up the event.

FEATURED ARTICLE
Building a healthy business culture

Striking the right balance between culture, incentives and processes is becoming critical for all financial services providers in Australia as regulators increase their scrutiny in these areas. But beyond compliance, having a good culture is also just good for business. Tas Bindi explores further.

Meet the mentor: Heather Gallagher

Effective mentorship can play a critical role in the professional growth and development of brokers. This is because mentors can provide the wisdom, guidance, inspiration and encouragement needed to help new and established brokers overcome challenges and take their business forward. Tas Bindi speaks to BDM-turned-mentor Heather Gallagher about her perspective on mentorship.

SUBSCRIBE TO THE ADVISER MAGAZINE TODAY!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target market reports to an audience of professional mortgage and finance brokers
order now